Small business owners have many things in common. Below are some of the qualities you will need to be successful.
- Willingness to sacrifice—If you enjoy working the nine to five, do not go into business for yourself. Entrepreneurship often requires many more hours beyond the forty-hour work week.
- Interpersonal skills—You will be required to interact with a host of people other than customers, such as lawyers, employees, and salespeople. If you do not like talking to people you do not know, it might be better to keep your day job.
- Leadership ability—You will be the one everyone turns to for the answers. Are you ready to call the shots?
- Optimism—Being able to hang in there when business gets tough is an important quality in small business owners. Review business journals, trade magazines and other comparative studies that identify the requirements to operate the business. From that information, derive a formula for the skills and traits you plan to incorporate into the business operation.
Compare your skills and expertise with others who are successful in similar businesses. Can you duplicate and surpass the capability of other successful businesses? What unique skills or “edge” can you provide to obtain a sufficient share of total market?